Homeowners at risk of underinsuring
The new research from Legal & General's general insurance business has found that brokers are worried that customers are cutting back too much on their home insurance and may be running the risk of being underinsured as a result.
As a result of the credit crunch, over 90% of brokers surveyed mentioned that their customers are trying to reduce the cost of their home insurance cover to save money. Worryingly, 62% of brokers believe that underinsurance is now a major issue and nearly half, 47%, were concerned that their customers could be underinsured by as much as 10%.
Brokers mentioned that the ways in which customers were cutting back on valuable household insurance cover to save money included:
• Choosing the lowest price
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